A gut iron condor spread which is constructed by buying one call at the lowest strike, selling one call at the lower middle strike and one put at the upper middle strike, and buying one put at the highest strike, with all the legs having the same expiration month. The strike price distance between all legs should be equal. In other words, this strategy is a combination of one short gut spread and one long gut spread. It could also be viewed as combining one put debit spread with one call debit spread.

For example, this volatility trading strategy could be constructed by buying one 100 call, selling one 105 call, selling one 110 put, and buying one 115 put.